The market value of Tether (USDT), the world’s largest stablecoin, broke a record by reaching 100 billion dollars.
In parallel with the rises in the cryptocurrency market, Tether also broke a record. The market capitalization of the largest stablecoin issuer recently broke a record, reaching $100 billion.
Tether, which continues to grow upon the increasing demand of investors, will be released in the fourth quarter of 2023. Its highest net profit was 2.9 billion dollars. had reported.
Increasing buying pressure, especially with the US approving spot Bitcoin exchange-traded funds (ETFs), pushed Tether’s market value down to the previous level at the beginning of January. from 90 billion level It surpassed $100 billion at the end of February.
Making a statement on the subject Tether CEO Paolo Ardoino Speaking to The Block, he emphasized that the amount of USDT in the market is 100% backed by liquid assets:
Our company has issued 99.5 billion tokens to date, 100% covered by liquid assets (the vast majority in US t-bills), to further solidify Tether’s position as a safe and reliable player in the crypto industry and the broader financial industry. It held excess reserves of approximately $5.4 billion.